The value chain of bank’s record management system from origination to destruction, is mired in inefficiency and antiquation, while increasing regulation is placing growing pressure on financial service providers.
Regulatory bodies tend to be siloed and part of a complex value chain responsible for a prolific amount of work. These conditions inherently create opacity and inefficiency, with a dangerous ripple effect.
KYC processes are labor-intensive, often manual, and prone to error and fraud, both of which cost banks colossal sums. Additionally, the lack of standardisation across systems creates a huge amount of duplication.
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